Wearable technology, including the likes of Google Glass and smart watches, appeal to Kiwis, as 48 per cent state that they would likely use these technologies for mobile banking.

This according to the latest Westpac Mobile Banking Report, which surveyed 820 people online in May this year, follows the last report that was released in October 2013.

“Wearable technology is getting attention around the world and it is clear New Zealanders want to use it as well, including for banking. We have made good progress in making sure our apps are ready for customers to use when Google Glass and SmartWatches are publicly available here and we will continue to take a global view in what we deliver for our customers,” said Westpac Chief Digital Officer Simon Pomeroy

The report states that New Zealanders are using smart devices more often throughout the day with smartphones remaining the devices of choice.

According to the report, nearly 70 per cent of Kiwis spend up to one hour per week mobile banking and 6 per cent spend up to three hours a week. According to Westpac, this increased usage is reflected in 23 per cent volume growth in mobile banking payments between January and May 2014 by Westpac customers.

The report also suggests that Kiwis are becoming increasingly comfortable handling big sums of money on mobile platforms with nearly 70 per cent stating they were fine dealing with amounts up to $10,000 and 15 per cent stating they were comfortable with amounts of $50,000 or more.

Around 87 per cent of Kiwis use mobile banking to transfer funds, while 73 per cent use it to pay bills and 55 per cent use it to pay friends. Only around 26 per cent stated using mobile banking to check interest rates and find a branch or ATM nearby.

“We continue to see a lift in customers who say that by using mobile banking they have an increased awareness of their finances (up 3 per cent), that it allows them to pay their bills on time (up 11 per cent), it’s easy to do (up 6 per cent) and it saves them time (up 5 per cent). And just under 75per cent want to be able to do everything on a mobile device that they can do on a desktop computer which is something we aim to deliver to our customers in August or September," said Pomeroy.

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